You can cash EE bonds at most banks and credit unions, or directly through the U.S. Treasury

The easiest place to cash an EE bond is usually your own bank or credit union. Most financial institutions will redeem them for you during normal business hours, though some require you to have an account with them. If your bank won't cash them or you don't have a bank account, you can redeem them directly through the Treasury Department online, by mail, or at a Federal Reserve Bank.

Where you go depends on whether you want the money today or can wait a few days, and whether you need to prove you own the bond. A bank teller can verify the bond on the spot and hand you cash or deposit it into your account. The Treasury process takes longer but works from anywhere and requires no account.

Key Takeaways

  • Your own bank or credit union is the fastest option if they offer bond redemption services, usually taking minutes to complete.
  • You can redeem EE bonds online through TreasuryDirect at any time, though the money takes several business days to reach your account.
  • Federal Reserve Banks redeem bonds by mail if you live far from a bank branch, and the process typically takes one to two weeks.
  • Some banks require you to have an account with them to cash bonds, so call ahead before visiting a branch where you don't bank.
  • You will need the physical bond certificate or, for electronic bonds held in TreasuryDirect, your login credentials to prove ownership.

Cashing bonds at your bank or credit union

This is the fastest route if your financial institution offers the service. Walk in with your EE bond certificate and a form of ID, and a teller can usually redeem it while you wait. The money can be handed to you in cash, deposited into your account, or split between the two.

Not every bank redeems savings bonds. Call your branch ahead of time and ask whether they cash EE bonds. Some institutions stopped offering this service years ago, and others only do it for customers with accounts. A few large banks like Bank of America and Wells Fargo still redeem bonds for non-customers, but policies vary by branch, so confirm before you go.

If the teller needs to verify the bond's authenticity or current value, the process may take 15 to 30 minutes. Bring your ID and the physical certificate. If you have multiple bonds, bring them all at once so you can cash them in a single trip.

Redeeming bonds online through TreasuryDirect

If you own electronic EE bonds held in a TreasuryDirect account, you can redeem them online without leaving home. Log into your TreasuryDirect account, select the bond you want to cash, and request redemption. The money will be deposited into the bank account you have on file with TreasuryDirect.

The redemption request processes within one to three business days, though the actual deposit into your bank account may take another two to three business days depending on your bank. This means you should expect the money to arrive in your account within a week. TreasuryDirect charges no fee for this service.

You can only redeem electronic bonds this way if you set up a TreasuryDirect account when you bought them, or if someone transferred them to your account after purchase. If you have a physical paper certificate instead, you cannot use this method.

Mailing bonds to a Federal Reserve Bank

If you have a physical EE bond certificate and no local bank will redeem it, you can mail it to a Federal Reserve Bank. The Federal Reserve operates 12 regional banks across the country, and each one has a department that handles savings bond redemptions by mail.

To redeem by mail, you will need to fill out Treasury Form PD F 1522, which you can download from the Treasury website or request by phone. Include the completed form, your bond certificate, and a copy of your ID. Mail everything to the Federal Reserve Bank that serves your region. The Treasury website lists all 12 banks and their mailing addresses.

Processing takes one to two weeks after the Federal Reserve receives your package. They will send you a check by mail to the address you provide on the form. This method is slower than a bank visit or online redemption, but it works from anywhere and requires no bank account.

What you need to bring or provide

For in-person redemption at a bank, bring the physical bond certificate and a government-issued ID such as a driver's license or passport. The teller will verify that the bond is genuine and check its current value before handing you the money.

For online redemption through TreasuryDirect, you need your login username and password. Make sure the bank account information in your TreasuryDirect profile is current, because that is where the money will be deposited.

For mail redemption to a Federal Reserve Bank, you need the bond certificate, a completed PD F 1522 form, and a photocopy of your ID. Do not send the original ID, only a copy. Write your Social Security number on the form so the Federal Reserve can track your redemption.

Why some banks won't redeem bonds anymore

Many banks stopped cashing savings bonds during the 2000s because the volume of redemptions dropped and the process became less profitable. Fewer people buy paper bonds now that electronic bonds exist, so fewer people bring them in to cash. Some banks also cited security concerns about verifying older certificates.

This is why the Treasury created TreasuryDirect and expanded Federal Reserve mail redemption — to give people options when their local bank cannot help. If you own a paper bond and your bank will not redeem it, the Federal Reserve mail option is reliable and costs nothing.

How to find a bank that redeems bonds near you

Start by calling your own bank or credit union and asking directly. If they say no, ask whether they can refer you to another branch or institution in your area that does redeem bonds. Some banks have this information in a central system and can tell you which branches offer the service.

You can also call larger national banks in your area — Bank of America, Wells Fargo, Chase, and Citibank have redemption services at many locations, though policies vary. Always confirm with the specific branch before you visit, because not every location offers the service even if the bank does nationally.

If you cannot find a bank nearby, the Federal Reserve mail option is your backup. It takes longer but works reliably and requires no account or special relationship with any financial institution.

Frequently Asked Questions

Can I cash an EE bond before it reaches 30 years old?

Yes. EE bonds can be redeemed at any time after you have owned them for one year. If you redeem before five years have passed, you lose the last three months of interest as a penalty. After five years, you can cash them with no penalty and receive all accrued interest.

What if I lost the physical bond certificate?

Contact the Treasury Department and request a replacement. You will need to provide proof of ownership, such as the purchase receipt or documentation from the original buyer. If you cannot locate proof, the Treasury may still help you if you can provide identifying information that matches the bond's records. The process takes several weeks.

Do I have to pay taxes on the interest when I cash the bond?

Yes, the interest is taxable income in the year you redeem the bond. You will receive a Form 1099-INT from the Treasury showing the interest amount. You report this on your tax return. Some people defer taxes by rolling the proceeds into certain other savings bonds, but that is a separate process — ask a tax professional if this applies to you.

Can someone else cash my bond if I give them permission?

No. Only the person whose name is on the bond can redeem it. If the bond is registered to you and your spouse as co-owners, either of you can redeem it alone. If you are unable to cash it yourself, you can authorize someone through a power of attorney, but that requires legal documentation and the bank or Federal Reserve will verify it.

What happens if the bank says the bond is counterfeit?

This is rare with bonds issued by the Treasury, but if it happens, do not leave the bond with the bank. Contact the Treasury Department directly and provide details about where and when you purchased it. The Treasury can verify whether the bond is genuine and help you resolve the issue. Keep any original documentation you have about the purchase.